Hacked Altcoin Made 800 Percent! What’s going on?

In the crypto money world, hacking of altcoin CRV was on the agenda yesterday evening. Afterwards, the price fluctuation that took place attracted attention. Now there is another new development. It is stated that there is an 800 percent increase in the price of the hacked CRV. So what really happened at this stage? Let’s look at the details

Exchanges react to altcoin CRV hack

Late yesterday, the CRV hack shook the world of DeFi. On the other hand, it caused a short-term panic in Bitcoin and altcoins. Altcoin CRV price dropped to $0.57 on Binance with the hack. In some exchanges, the decline was up to $ 0.1.

Following the attack on CRV, exchanges suspended CRV deposits and withdrawals. There were also interesting price movements on some exchanges due to the lack of altcoin CRV liquidity. Following the suspension of withdrawals and deposits, the CRV price started trading at high premiums on South Korea-based cryptocurrency exchanges Bithumb and Upbit.

Crazy price fluctuations in South Korean stock markets

When we look at Kriptokoin.com, we see that the CRV/KRW price has increased by 800% on the Bithumb stock market. Accordingly, this increase brought the altcoin CRV price to KRW 7630, or $6. As I was writing the article, the situation became very interesting indeed.

Accordingly, the price of altcoin CRV on the Bithumb exchange has reached approximately $ 4.65. On the other hand, the price is very low on Binance and other exchanges. It is trading at $0.63 level.

Altcoin Curve Finance tackles hack

Curve is an important liquidity provider for DeFi. Accordingly, the event that took place here is closely followed by the entire industry. Altcoin Curve Finance confirmed in its latest update that 4 liquidity pools were hacked and asked investors to exit these pools. The announcement says:

“The following repositories have been hacked due to an issue with the Vyper compiler in versions 0.2.15-0.3.0:

• crv/eth
• tool/eth
• mseth/eth
• peth/eth

Another potentially affected pool is Arbitrum’s tricrypto pool. Auditors and Vyper developers failed to get a profitable hack. However, please get out of these pools.”

Industry leaders announced their support

Justin Sun points out that the altcoin CRV is important to the DeFi ecosystem. He also said that their support is with the CRV team and other protocols. The recent altcoin CRV attack highlighted vulnerabilities in the DeFi space.

On the other hand, it encouraged exchanges to take swift action to protect users. As the situation unfolds, the market will closely monitor developments in the DeFi world. It will also remain on high alert.